EUR/USD Technical Analysis for April 25, 2017

The EUR/USD is trading slightly higher at the mid-session and inside yesterday’s range. This indicates investor indecision and impending volatility.

Technical Analysis

The main trend is up according to the daily swing chart.

Despite today’s early hesitation, the Forex pair remains in a position to overtake yesterday’s high at 1.0903 and the March 27 main top at 1.0906. This is followed by a major Fibonacci level at 1.0932.

On the downside, the nearest support is the 50% level at 1.0819.

The new short-term range is 1.0601 to 1.0903. If there is a sell-off then its retracement zone at 1.0752 to 1.0716 will become the primary downside target.

Forecast

Based on the current price at 1.0879, the direction of the EUR/USD today is likely to be determined by trader reaction to the steep uptrending angle at 1.0841.

A sustained move over 1.0841 will signal the presence of buyers. This could create the upside momentum needed to challenge 1.0903, 1.0906 and 1.0932. Look for a possible acceleration to the upside on a move over 1.0932.

If 1.0841 fails as support then this will signal that the buying is over and that the sellers are taking control. This could drive the EUR/USD back into the 50% level at 1.0819.

The 50% level at 1.0819 is also the trigger point for an acceleration into the short-term 50% level at 1.0752, followed by the uptrending angle at 1.0721.